Mart Resources, Inc.: UMU-11 Initial Well Test Results
December 20 2013 - 8:30AM
Marketwired
Mart Resources, Inc.: UMU-11 Initial Well Test Results
Combined tested flow rate of 6,494 barrels of oil per day
("bopd") from the three sands tested in the
UMU-11 well consisting of:
- 1,324 bopd stabilized flow rate achieved from the IX sand
during clean up
- 3,650 bopd stabilized flow rate achieved from the XIIb sand
during clean up
- 1,520 bopd stabilized flow rate achieved from the XIIIb sand
during clean up
- Coiled tubing unit is also on location at the UMU-10 well to
complete testing on the remaining sands.
CALGARY, ALBERTA--(Marketwired - Dec 20, 2013) - Mart Resources,
Inc. (TSX-VENTURE:MMT) ("Mart" or the "Company") and its
co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the
Umusadege field) and SunTrust Oil Company Limited are pleased to
announce initial flow rate test results for the UMU-11 well and an
update on the UMU-10 well test.
UMU-11 Well Test
Results
The UMU-11 well encountered 294 feet of gross oil pay in 13
sands. The well was intentionally drilled to a shallower depth than
the UMU-9 and UMU-10 wells and therefore did not encounter the
deeper sands encountered in previous wells. The sands selected for
completion in the UMU-11 well were the IX, XIIb, and XIIIb sands,
with combined gross oil pay of 84 feet. Using dual tubing string
technology, two of these zones can be produced separately and
simultaneously.
The testing of the IX sand yielded a flow rate of 1,324 bopd
during clean up at 43 degree API crude oil on a 32/64 inch choke
setting and flowing tubing head pressure of 230 psig. Basic
sediment and water ("BS&W") was 0.1%.
As previously announced, the testing of the XIIb sand yielded a
stabilized rate of 3,650 bopd during clean up at 41 degree API
crude oil on a 28/64 inch choke setting and flowing tubing head
pressure of 500 psig and BS&W of 0.4%. During the clean up flow
test of the XIIIb sand, the well flowed 43.0 degree API crude oil
at a stabilized rate of 1,520 bopd on a 32/64 inch choke setting
with flowing tubing head pressure of 260 psig and BS&W of
0.4%.
The combined flow rate of the three sands flow tested in the
UMU-11 well was 6,494 bopd. Final test results will be released
once the testing program has been completed.
UMU-10 Well Test
Update
A coiled tubing unit is on location at the UMU-10 well to carry
out the remaining testing operations on sands XXb and XIX in the
long string. Multirate flow testing will be performed on all sands
completed in the long string: XIX, XXb, and XXI.
Additional information regarding Mart is available on the
Company's website at www.martresources.com and under the Company's
profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production
figures set out in this press release, including bopd, reflect
gross Umusadege field production rather than production
attributable to Mart. Mart's share of total gross production before
taxes and royalties from the Umusadege field fluctuates between
82.5% (before capital cost recovery) and 50% (after capital cost
recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release
constitute "forward-looking statements" as such term is used in
applicable Canadian and US securities laws. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or are not statements of historical fact and
should be viewed as "forward-looking statements". These statements
relate to analyses and other information that are based upon
forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements.
In particular, there is no assurance that the Company will
be able to successfully test the UMU-10 well or commercially
produce, transport or sell oil from the UMU-10 well or UMU-11 well
(or any one or more of the sands identified by the UMU-10 well or
UMU-11 well). Statements (express or implied) regarding the ability
of the Company to successfully complete, test and commercially
produce, transport and sell oil from the UMU-1- well or UMU-11 well
(or any one or more of the hydrocarbon sands identified by the
UMU-10 well or UMU-11 well), should all be viewed as
forward-looking statements. The well log interpretations indicating
hydrocarbon-bearing sands are not necessarily indicative of future
production. There is no assurance that reserves will be assigned to
such hydrocarbon bearing sands.
There can be no assurance that such forward-looking
statements will prove to be accurate as actual results and future
events could vary or differ materially from those anticipated in
such statements. Accordingly, readers should no place undue
reliance on forward-looking statements contained in this news
release. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements and if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
Mart Resources, Inc. - London, EnglandWade Cherwaykooffice # +44
207 351 7937Wade@martresources.comMart Resources, Inc. - London,
EnglandDmitri Tsvetkovoffice # +44 207 351
7937dmitri.tsvetkov@martresources.comMart Resources, Inc. -
CanadaSam
Grier403-270-1841sam.grier@martresources.comwww.martresources.com
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